Asked by Carol Rodgers on Jul 30, 2024
Verified
A partnership can be terminated by which of the following?
A) Bankruptcy
B) Death of a partner
C) Agreement by partners
D) All of the above
Partnership Terminated
The dissolution of a business partnership through the exit of one or more partners or by mutual agreement.
Agreement
A mutual arrangement, contract, or understanding between parties outlining their rights and responsibilities.
Death
The cessation of all biological functions that sustain a living organism; not relevant in a financial context.
- Comprehend the repercussions of partnership termination, including the causes for ending the partnership and the processes required in dissolving a partnership.
Verified Answer
CB
Chaylee BentleyJul 30, 2024
Final Answer :
D
Explanation :
A partnership can be terminated for various reasons including bankruptcy, the death of a partner, or an agreement among the partners to dissolve the partnership.
Learning Objectives
- Comprehend the repercussions of partnership termination, including the causes for ending the partnership and the processes required in dissolving a partnership.